Key trends in Bitcoin and crypto markets for the second half of 2024
Explore the critical trends shaping Bitcoin and crypto markets in the latter half of 2024, from regulatory shifts to halving effects and Mt. Gox distributions.
Bitcoin has experienced a notable ascent in 2024, increasing by over 30% amid rising interest in ETFs containing the cryptocurrency. However, recent weeks have seen a decline from earlier record highs, with bitcoin dropping below $57,000 after peaking above $73,000 in March. Looking ahead to the remainder of the year, optimistic investors anticipate that continued demand for crypto-focused ETFs could drive prices upward. Yet, concerns about other potential challenges persist.
Rising interest in Bitcoin and Ether ETFs expected to boost cryptocurrency
In 2024, several significant developments are shaping the crypto landscape:
Presidential election: Donald Trump's newfound support for cryptocurrency contrasts with the Biden administration's stance favoring stricter regulation. Recent decisions regarding Ethereum 2.0 hint at evolving regulatory perspectives, though legislative clarity isn't expected before next year.
Bitcoin halving effects: Historically, Bitcoin halvings, where new coin generation halves, have boosted prices. The latest halving, six months ago, occurred amid a pre-halving rally, possibly tempering its impact, according to Deutsche Bank and JPMorgan analysts.
Mt. Gox distributions: Failed exchange Mt. Gox began distributing billions in bitcoin to former customers, sparking uncertainty about its impact on markets—some view it as bearish, while others believe concerns are exaggerated.
